Growth and Transition Strategy Update

Look deeper... Portfolio reset amid regime change From products to whole portfolios Data and analytics Customization Professionalization Yield and cash Client trends Thirst for private markets Rising rates and inflation What clients want Do more with fewer Investments and... • • Portfolio counsel Commercial advice and help • Technology . Operating efficiency BlackRock Rise of the digital investor Outsourcing Margin pressure Sustainable investing / transition to low carbon economy A more intimate relationship 114

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